Stephan Fanderl is said to be leaving the position of chief executive of Galeria Karstadt Kaufhof (Galeria), the holding company formed in 2018 from the merger of the Galeria Kaufhof and Karstadt department stores. He has suggested a consensual separation to the Austrian-based Signa Retail Group, parent company of Galeria, which also owns the SportScheck and Karstadt Sports chains. His departure would not be surprising, according to the German press. For a long time, he was not to be seen officially, not even at the start of Galeria’s insolvency proceedings on April 1, as he fell ill in mid-March and has since not been involved in the company’s management. The group is reportedly projecting a €1 billion loss in its annual turnover because of the coronavirus epidemic. By the end of 2022, the drop could amount to around €1.4 billion, as the company doesn’t expect customers to resume shopping at its stores as before. In the framework of its insolvency proceedings, Galeria plans to close up to 80 of its 172 stores and to reduce the number of employees by more than a thousand. Fanderl was for a long time one of the major figures in the Signa Retail Group. He became head of the supervisory board in 2014 and managed the operational business of Karstadt, responsible for a restructuring with big changes in the organization, the store network and headcount. After Signa acquired the Galeria Kaufhof chain, Fanderl managed the new holding company formed from the merger of Galeria Kaufhof and Karstadt until the end of 2018.